1. Field of the Invention
The present invention relates to systems and methods for settling claims between parties, and, more particularly, to such systems and methods for settling insurance claims between a claimant and an insurance company.
2. Description of Related Art
When a claim is made to an insurance company for damage to property, for example, typically an insurance adjustor evaluates the damage and makes an offer of a monetary compensation based upon the owner's policy and an estimate of the cost to repair or replace the damaged item.
If the claimant is not satisfied with the insurance company's offer, the only recourse available is to bring an action against the insurance company, which can lead to mediation, arbitration, or full-scale litigation. To a greater or lesser degree, all of these options are costly, since they all involve paying fees to highly trained professionals (mediators, arbitrators, lawyers, etc.).
Therefore, it would be desirable to provide a system that can mediate a disputed claim between the owner and the insurance company in a more timely, efficient, and cost-effective manner.